The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased JOANN Fabric\u2019s property located at 1701 East Empire Street in Bloomington, Illinois for $4,087,200.<\/p>\n
The 21,828 square foot net leased JOANN Fabric’s building benefits from its location along North Veterans Parkway (43,180 VPD) and East Empire Street. The area is a major retail destination with tenants such as Lowe\u2019s Home Improvement, Kohl\u2019s, Bath & Body Works, Foot Locker, Old Navy, rue21, Dick\u2019s Sporting Goods, and DSW. Other tenants in the area include OSF Saint Joseph Medical Center and State Farm Insurance Corporate headquarters. There are 129,843 people living within five miles of the property earning an average annual household income of $85,912.<\/p>\n
JOANN Fabric and Craft Stores was founded in 1943 as a single retail store. Today, JOANN is the nation\u2019s leading fabric and craft specialty retailer. JOANN\u2019s retail stores and website feature a variety of competitively priced merchandise used in sewing, crafting and home decorating projects, including fabric, notions, crafts, frames, paper crafting supplies, artificial floral, finished seasonal and home decor items. JOANN operates approximately 850 stores in 49 states.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both sides in the transaction. The seller was a Midwest based real estate firm and the buyer was a national real estate company.<\/p>\n
\u201cThis property\u2019s direct position within the regional trade are made it an attractive acquisition\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cThe tenant has demonstrated commitment to the area by leaving in-line shop space to become a single tenant asset.\u201d<\/p>\n